San Diego Home Foreclosures … The Worst is Yet to Come!
Just two days ago, DataQuick Information Systems reported home foreclosure activity in San Diego County dipped slightly from June to July,
DataQuick analyst John Karevoll said. "There definitely are more on the way." A flood of adjustable rate mortgages with weak underwriting were issued in 2005 and 2006, placing thousands of potential defaults "in the pipeline," Karevoll said.
DataQuick reported 641 foreclosures in July, a 2.44 percent decrease from 657 foreclosures reported in San Diego County a month earlier. But, year-over-year, defaults were up by 128 percent in July. During the first half of 2007, the county had a record 2,896 foreclosures, compared with 445 during the first half of 2006.
Personally, I expect default activity to increase sharply in the months ahead. In the know bankers have stated that 2.5 times as many home loans that have adjusted in the first half of 2007, are due to adjust in the first quarter of 2008![tags]San Diego foreclosures,home foreclosures,San Diego real estate, San Diego real estate bubble,San Diego housing bubble,San Diego Realtor, San Diego real estate agent{/tags] San Diego real estate agents
Comments are closed.
Since we didn’t see the hyper-inflationary market you did, I think our Houston market is safe from decline.
divorce attorney Houston Texas
New Jersey real estate has also been in a big slide for the last 12 to 18 months. Quit sending your west coast trends our way.
New Jersey real estate lawyers
Afraid you’re right; think people have to make the distinction between homes and investments and this might be a awake up call.
New Jersey real estate lawyers
I think you’re very correct. In my neighborhood I’m seeing more for sale signs than I have in the past ten years. I think San Diego homeowners are in for a rude awakening. cosmetic surgery San Diego
The lending industry has been grossly unregulated. If real estate agents treated customers like some of the unscrupulous lenders that I have encountered in the past 15 years, they would have lost their licenses and been sued.
Tanner
San Diego California Dentistry
I’m confident that there is a silver lining in all of this. I envision that one day in the near future, we will encounter nothing but smooth transactions without all of the “mortgage drama” ….”lender abuse”….and the old-fashioned “bait and switch” so rampant in the 1990s and early 2000s. Thank God!
Elizabeth
San Francisco California Lawyers
San Diego real estate. Hey! I could have sworn I’ve been to this site before but after checking through some of the post I realized it’s new to me. Anyways, I’m definitely happy I found it and I’ll be bookmarking and checking back frequently!
Sweet, I have been using a new price comparison site recently its pretty cool.